Live from Philadelphia

Update: This live event has now concluded. You can watch a recording from the event below, or read Raj’s full remarks.

Welcome to the first CFPB livestream! Raj Date is speaking at the National Constitution Center in Philadelphia about the lessons learned from the mortgage market meltdown and how those lessons can be applied to the consumer bureau’s work moving forward. He’ll be introduced by Philadelphia Mayor Michael Nutter. After his remarks, Mr. Date will participate in a discussion with Philadelphia Inquirer columnist Jeff Gelles.

William Keep

Given that you have worked in and observed many changes in banking, some of which no doubt strongly contributed to a dire situation that we are just now recovering from, why should we expect anything different in the future?
Saveourhomes

I have enjoyed the effort put forth by Ms Warrent to have the CFPB break new ground. It was an excellent effort. The problem I see is that as soon as she left, many of the rule makers and regulators who had been at other agencies that caused many of the problems were simply transfered to CFPB.

When the FRB institutied the Rule on Mortgage Originator Compensation the members of the FRB Housing Group ignored Federal Laws as noted by the SBA. They told industry that the Rule would have a negative impact and guidance would be given by the Civil Litigation Attorney’s. Well they were right. Mortgage Originators are leavinghte industry in folks. Companies are closing and causing the further decline in the real estate industry as a whole.

Sadly, the FRB employees who are the cause of the job losses and indirectly additional mortgage defaults are now in the employment of the CFPB and trying to strongly defend their actions while at the FRB.

Only time will tell if the CFPB will have an open ear to industry or continue to strangle the entire financial sector into bankruptcy. Initially, while Ms. Warren was in charge, there were a number of contacts with the mortgage industry, but that has dried up since her departure in June.

The CFPB blog aims to facilitate conversations about our work. We want your comments to drive this conversation. Please be courteous, constructive, and on-topic. To help make the conversation productive, we encourage you to read our comment policy before posting. Comments on any post remain open for seven days from the date it was posted.